Stocks In Focus SG (Gallant Venture, Cosco Corp, Sino Construction) – 27/03/15

COSCO Corporation (Singapore) announced that COSCO (Zhoushan) Shipyard, a subsidiary of the company’s 51 percent subsidiary COSCO Shipyard Group, has clinched a contract with Maersk Line to build seven container vessels of twenty-foot equivalent capacity. Scheduled for delivery between April 2017 and November 2017, Maersk Line can order two more container vessels within eight months. With a confidential contract price, the contract is not expected to have any material impact on the net tangible assets and earnings per share for the company for the year ending 31 December 2015.

Gallant Venture intends to issue $175 million worth of seven percent fixed rate notes due in 2018, issued as a part of its US$500 million Euro Medium Term Note Programme that was established on 15 November 2013. The issue date is expected to be on 6 April 2015, where net proceeds from the notes will be used for the refinancing of existing syndicated term loans.

Sino Construction has requested for a trading halt on 27 March 2015 before markets opened, attributable to the lapse in its Guildford Coal transaction, the resignation of the previous executive director and non-executive chairman. In addition, the company recorded a $7 million loss for the fourth quarter ended 31 December 2014 compared to earnings of $2.2 million in the corresponding period last year. However, SINO hit $1.1 million in revenue, compared to none in the same quarter last year. For the full year, revenue came in at $2.3 million compared to none a year ago, while losses shrank 90.5 percent to $2.7 million as losses from discontinued operations shrank 95.4 percent.

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• USA Daily Bulletin – 03/04/15

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